It provides us with an ability to deliver high-performance, easily adaptable products and services at good margins.

it provides us with an ability to deliver high-performance easily adaptable products and services at good margins


where most companies are profitable. There are opportunities, we continue to work on them, but those will happen when they happen.

where most companies are profitable there are opportunities we continue to work on them but those will happen when they happen


as we won't go over each financial metric on today's call. This will allow us more time to move quickly into question and answer period.

as we won't go over each financial metric on today's call this will allow us more time to move quickly into question-and-answer period


That said, we do not believe the incident has had any long-term impact to our customer relationships or market share.

that said we do not believe the incident has had any long-term impact to our customer relationships or market share


Right. And so when I think about the -- I mean, I don't want to get too far ahead of ourselves, but when Craig was asking his questions earlier,

right and so when i think about the -- i mean i don't want to get too far ahead of ourselves but when craig was asking his questions earlier


And we'll see what the rest of the year brings. You would think with solid market demand and as time ramps up in the high season,

we'll see what the rest of the year brings you would think with solid market demand and as time yute ramps up in the high season


the reality of the commercial aviation market is different today than we expected then. Also,

the reality of the commercial aviation market is different today than we expected then also


So to sum up. We are off to a very good start for 2016. Our global team produced strong results.

so to sum up we are off to a very good start for 2016 our global team produced strong results


As you know, we are in an active process to sell our dibenzoates manufacturing plant in Antwerp, Belgium.

as you know we are in an active process to sell our dibenzites manufacturing plant in antwerp belgium


which was driven by the increase in our cost of funds, prepayment income for the real estate that occurred in the third quarter that did not repeat in the fourth quarter

which was driven by the increase in our cost of funds prepayment income for real estate that occurred in the third quarter that did not repeat in the fourth quarter


I'll now turn the call over to Richard to review our fiscal 2017 financial highlights in greater details.

i'll now turn the call over to richard to review our fiscal 2017 financial highlights in greater detail


and some of the standard campaigns that we had run for renewals had not had the meat behind them as we had in the past.

and some of the standard campaigns that we had run for renewals had -- not had the meet behind them as we had in the past


and we will continue to invest in our claims team there with additional training. And as they season in a little more with the organization.

and we will continue to invest in our claims team there with additional training and as they season in a little more with the organization


But we want to do it in a controlled way and multiple sites. So we're going to do 15 patients over 3 sites and run our protocol with that.

but we want to do it in a controlled way in multiple sites so we're going to do 15 patients over 3 sites and run our protocol with that


I'd say, better guidance that said that we would be best served by having prototypes of the product we're going to use in the trials,

i'd say better guidance that said that we would be best served by having prototypes of the product we're going to use in the trials


There are many examples of things that we've done that have managed expenses in this market condition. We've had sales meetings that

there are many examples of things that we've done that have managed expenses in this market condition we've had sales meetings that


what we're currently doing for them, what the current dialogue is and where we think it could go. We do build that up client by client. So

what we're currently doing for them what the current dialogue is and where we think it could go we do build that up client by client so


And you see the halo of that, that people that have had success with EXPAREL in the ambulatory environment, especially people who are

and you see the halo of that that people that have had success with exparel in the ambulatory environment especially people who are


These position us well for the tail risk that could emerge should the local sovereign credit rating downgrades happen,

these position us well for the tail risk that could emerge should the local sovereign credit date rating downgrades happen


as well as the lower levels of single premium investment policies following the high growth experienced in prior years.

as well as the lower levels of single-premium investment policies following the high growth experienced in prior years


is enabling our mutual consumers to use their credit card reward points as a tender type in the PayPal Wallet.

is enabling our mutual consumers to use their credit card reward points as a tender type in the paypal wallet


We are also including all of the global volume information we have disclosed previously for the market as a whole.

we are also including all of the global volume information we have disclosed previously for the market as a whole


and share buybacks. Now I would like to turn to Slide 5 and highlight some recent trends in adjusted net trading income.

and share buybacks now i would like to turn to slide 5 and highlight some recent trends in adjusted net training income


Finally, the revenue outlook for this business remains challenging given the weakness in energy and resources infrastructure projects in particular.

finally the revenue outlook for this business remains challenging given the weakness in energy and resources infrastructure projects in particular


full story is yet to be written. And then the second point that I would make is that

full story is yet to be written and then the second point that i would make is that


So for us, we feel like that has been a piece of the investment and we even said at Investor Day that likely going forward will continue to be a piece of the investment thesis.

so for us we feel like that has been a piece of the investment and we even said at investor day that likely going forward will continue to be a piece of the investment thesis


just from South Africa this year or the cash flow impacts from it and

just from south africa this year or the cash flow impacts from it and


Before I begin with comments around the business, I'd like to thank our employees for their hard work in completing this long spin-off process,

before i begin with comments around the business i'd like to thank our employees for their hard work in completing this long spin-off process


I think that kind of gives you a sense of our view about the opportunity in the future quarters.

i think that kind of gives you a sense of our view about the opportunity in the future quarters


We believe that the continued strong job market as well as increased competition have impacted retention as compared to the prior year's quarter.

we believe that the continued strong job market as well as increased competition have impacted retention as compared to the prior year's quarter


A normalization in weather led to a strong second quarter result, and we are right on plan with where we expected to be for the full year.

a normalization in weather led to a strong second quarter result and we are right on plan with where we expected to be for the full year


on a CD40 agonist candidate, and you will likely see data from what appears to be a very interesting program later this year.

on a cd40 agonist candidate and you will likely see data from what appears to be a very interesting program later this year


As I mentioned earlier, 2016 was a challenging year for this part of the business, but our client relationships and reputation in this space

as i mentioned earlier 2016 was a challenging year for this part of the business but our client relationships and reputation in this space


to drive more payroll from accountants into a third party has been slower, much slower to happen than we expected.

to drive more payroll from accountants into a third party has been slower -- much slower to happen than we expected


The demand by utilities for license amendments of this kind is fairly well known

the demand by utilities for license amendments of this kind is fairly well known


but in a good place overall given the phasing of the ads and some new activation campaigns that effectively reduced the average price of the first transaction.


Our team is very focused on controlling these costs as we continue to build the right foundation for Lumber Liquidators.

our team is very focused on controlling these costs as we continue to build the right foundation for lumber liquidators


In light of both increased competition and our belief that APUS is now attracting better quality students with improved persistence and conversion rates,

in light of both increased competition and our belief that apus is now attracting better quality students with improved persistence and conversion rates


while continuing to grow the dividend, repurchase shares and pursue value enhancing bolt-on acquisitions.

while continuing to grow the dividend repurchase shares and pursue value-enhancing bolt-on acquisitions


More important though, we began laying the strategic foundation to ensure we achieve our long-term financial goals for this business,

more important though we began laying the strategic foundation to ensure we achieve our long-term financial goals for this business


For the first and third quarter, we would arrange this open call for media and financial markets.

for the first and third quarter we will arrange this open call for media and financial markets


Commercial real estate growth was largely driven by the funding up of prior commitments, yet we remain active in the broader CRE market.

commercial real estate growth was largely driven by the funding up of prior commitments yet we remain active in the broader cre market


And from a margin perspective, I mean, look, we are extremely pleased with what the management team has been able to do from efficiency

and from a margin perspective i mean look we are extremely pleased with what the management team has been able to do from efficiency


We see growing demand for our product, and interface, fueled by the steady decline in deposit rates across the market.

we see growing demand for our product and interface fueled by the steady decline in deposit rates across the market


and we are encouraged by the strong customer placement heading into the April furniture market in High Point this spring.

and we are encouraged by the strong customer placement heading into the april furniture market and high point this spring


and what we've been able to do, not only -- compounds was not one and done. If you take a look that as a daily battle for us to stay ahead of

and what we've been able to do not only compounds was not a one-and-done if you take a look that is a daily battle for us to stay ahead of


will not change, only the timing of that revenue changes. An increased amount of revenue will be recognized at the beginning of the contract

will not change only the timing of that revenue changes an increased amount of revenue will be recognized at the beginning of the contract


Finally, we are again benefiting from a lower share count as a result of stock repurchases earlier this year.

finally we are again benefiting from a lower share count as a result of stock repurchases earlier this year


settled on with the team is one which we think is appropriate we'll give a signal but it's also cautious

so settled on with the team is one which we think is appropriate will give a signal but is also cautious


the volume of BioLife product included in a manufactured dose or what's used in the preservation of a given piece of source material

it's the volume of biolife product included in a manufactured dose or what's used in the preservation of a given piece of source material


to better utilize our new lines in our plants and also to gain experience for our new workforces, where they're running the new lines.

to better utilize our new lines and our plants and also to gain experience for our new workforces where they're running the new lines


and attractive. So the more Mogo obviously increases its reach, its scale, the more it has these products, the more interested these partners are to

and attractive so the more mogo obviously increases its reach its scale the more it has these products the more interested these partners are to


In the digital world, it's increasingly easier for consumers to switch. And unlike the old world, where the friction to go from one bank to the other was a lot,

in the digital world it's increasingly easier for consumers to switch and unlike the old world where the friction to go from one bank to the other was a lot


We've now revised the presentation of corporate costs to more fully allocate costs to our Healthcare and Pharmacy businesses,

we've now revised the presentation of corporate costs to more fully allocate costs to our health care and pharmacy businesses


As mentioned so many times earlier in the presentation, a key short-term use of our free cash flow remains a reduction in our leverage.

as mentioned so many times earlier in the presentation the key short-term use of our fee cash flow remains a reduction in our leverage


in the growth in some of these new businesses as well as us achieving the growth target as well as the margin ranges


on slower purchasing and later shipment timing this year as well as negative comparisons to the prior year's large carryover crop volumes.


and the backlog that we have right now. And your other question on the third to fourth quarter.

and the backlog that we have right now and your other question on third to fourth quarter


Long-term investors on the call are well familiar with APA's views on this. Australia has sufficient and significant gas resources.

long-term investors on the call are well familiar with apa's views on this australia has sufficient and significant gas resources


We continue to work with our customers to provide them with what they're wanting, access to infrastructure at affordable prices. Our

we continue to work with our customers to provide them with what they're wanting access to infrastructure at affordable prices


We're also pleased that leading surgeons and hospitals are switching to DermACELL. Both of these factors

we're also pleased that leading surgeons and hospitals are switching to dermalcell both of these factors


Our intent is to capture share in this fast-growing channel by leveraging our strong brands and marketing know-how.

our intent is to capture share in this fast-growing channel by leveraging our strong brands and marketing know-how


And so we haven't used it in a long time. And it may be that our deployment this quarter is such that it doesn't make sense to use it.

and so we haven't used it in a long time and it may be that our deployment this quarter is such that it doesn't make sense to use it


As we have discussed in the past, we expect our new product development effort to deliver about 100 basis points organic volume growth per annum.

as we have discussed in the past we expect our new product development effort to deliver about 100 basis points of organic volume growth per annum


Customer confidence remains very strong given this visibility and the pricing climate remains positive.

customer confidence remains very strong given this visibility and the pricing climate remains positive


Long-term project pipelines for both private and public transportation work continue to build,

long term project pipelines for both private and public transportation work continue to build


And now we -- there's a lot of things that need to move through the process. And while this is a very high priority for us,

and now we -- there's a lot of things that need to move through the process and while this is a very high priority for us


This charge is in response to the challenging industry conditions and includes the organizational streamlining and delayering actions that Ron announced last month.

this charge is in response to the challenging industry conditions and includes the organizational streamlining and delayering actions that ron announced last month


what I like about it now was that unlike what our growth was 3, 4 years ago

what i like about it now was that unlike what our growth was 3 or 4 years ago


That shows to us that we have a robust mix that can take reductions and variations in the different sectors we have going forward as well.

that shows to us that we have a robust mix that can take reductions and variations in the different sectors we have going forward as well


Furthermore, since our product has a different route of administration than oral Aricept, the agency staff indicated an openness

furthermore since our product has a different route of administration than oral aercept the agency staff indicated an openness


We'll also be tracking who will be the new Fed governors. We've got 5 new governors that potentially

we'll also be tracking who will be the new fed governors we've got 5 new governors that potentially


an individualized next-best action lists for better health and independent consumer reviews from other patients.

and individualized next best action lists for better health and independent consumer reviews from other patients


Those statements are subject to a number of risks and uncertainties. Actual results in the future could differ from those described in the forward-looking

those statements are subject to a number of risks and uncertainties actual results in the future could differ from those described in the forward-looking


As you probably know, we tend to have very good access to customers in the world of personal care and cosmetics.

as you probably know we tend to have very good access to customers in the world of personal care and cosmetics


We also received further clarity on the Electricity System Operator role. Under the proposal, which is subject to ongoing consultation,

we also received further clarity on the ltricity system operator role under the proposal which is subject to ongoing consultation


body of the presentation, I'd like just to make a couple of comments on the picture you see on the first page.

body of the presentation i'd like just to make a couple of comments on the picture you see on the first page


I'd also like to thank our employees for working tirelessly for the betterment of our group. This is and continues to be a good company with great people.

i'd also like to thank our employees for working tirelessly for the betterment of our group this is and continues to be a good company with great people


I think it was -- it wasn't a dramatic change there. It was more that the way that we calculate it is very different now than it was then.

i think it was -- it wasn't a dramatic change there it was more the way that we calculate it is very different now than it was then


We continue to drive more opportunities in this market and we're confident about our potential growth in the upcoming quarters.

we continue to drive more opportunities in this market and we are confident about our potential growth in the upcoming quarters


And the other comment I'd make is I think that any good long-term business plan has some degree of capital recycling.

and the other comment i'd make is i think that any good long-term business plan had some degree of capital recycling


The reduction was in raw materials, as we continued to process surplus steel plates that was on hand earlier in the year.

the reduction was in raw materials as we continued to process surplus steel plate that was on hand earlier in the year


very close to that. And that's the best this whole market industry has been

we're very close to that and that's the best -- this whole market industry has been


that we will need to generate during this year will be coming from the order intake from now on. So of course,

that we will need to generate during this year will be coming from the order intake from now on so of course


always follow also the American market, which is, in fact, the main driver

always follow also the american market which is in fact the main driver


at their own pace. And it's not really necessarily cloud migration because customers have multiple choices

at their own pace and it's not really necessarily cloud migration because customers have multiple choices


So you can expect to see us being class leading in this respect in the years to come.

so you can expect to see us being class leading in this respect in the years to come


some opportunities to grow via debottlenecking. And I was just wondering if maybe you could elaborate a little bit more specifically on what you

some opportunities to grow via debottlenecking and i was just wondering if maybe you could elaborate a little bit more specifically on what you


of what our new reps have been able to do in the previous 2 years. And we have every confidence that these

of what our new reps have been able to do in the previous 2 years and we have every confidence that these


and how we're helping our customers win through innovation. In Germany, I met with a leading manufacturer of medical devices for the operating theater.

and how we're helping our customers win through innovation in germany i met with a leading manufacturer of medical devices for the operating theater


So I am confident about our long-term position and strongly believe this will continue to be a valuable business for Eastman going forward.

so i am confident about our long-term position and strongly believe this will continue to be a valuable business for east bend going forward


Our commercial teams are doing a great job in managing trade-offs and maintaining margins and customer engagement for innovation and growth.

our commercial teams are doing a great job in managing trade-offs and maintaining margins and customer engagement for innovation and growth


We expect to receive final bids by the end of November. And I can tell you that overall, we're extremely pleased with the initial offers we received

we expect to receive final bids by the end of november and i can tell you that overall we're extremely pleased with the initial offers we received


pretty good and it's because we did finish the migration. So even though we had some losses towards the end of the migrations,

pretty good and it's because we did finish the migration so even though we had some losses towards the end of the migrations


important to say that we are very happy with our competitive position. We continue to be very happy with our competitive position.

important to say that we're very happy with our competitive position we continue to be very happy with our competitive position


as a result of many factors that may be outside the company's control including, but not limited to, changes in the business environment.

as a result of many factors that may be outside the company's control including but not limited to changes in the business environment


where the expectations had been a year or less prior when ARMs are resetting. So I would view the overall position

where the expectations had been a year or less prior when arms were resetting so i would view the overall position


Thank you, Todd. Our first quarter results are a reflection of and are consistent with the strong start to the year in all 3 of our primary markets,

thank you todd our first quarter results are a reflection of and are consistent with the strong start to the year in all 3 of our primary markets


period and about 9% lower on a year-over-year basis. We would expect activity to pick up as we progress further into the first quarter.

period and about 9% lower on a year-over-year basis we would expect activity to pick up as we progress further into the first quarter


which is operating better than it ever has in most areas, we can see a considerable additional value that we can add.

which is operating better than it ever has in most areas we can see a considerable additional value that we can add


And you'll -- and so I think it's better for us to hold on at this point on full year guidance. But as I said in my prepared remarks,

and you'll -- and so i think it's better for us to hold on at this point on full year guidance but yes as i said in my prepared remarks


If we were comparing performance today to our original guidance issued in November of last year, the beat would be significantly greater.

if we were comparing performance today to our original guidance issued in november of last year the beat would be significantly greater


While the fourth quarter is seasonally our weakest, I am pleased to note that we had one of the smallest fourth quarter operating losses since we began reporting.

while the fourth quarter is seasonally our weakest i am pleased to note that we had one of the smallest fourth quarter operating losses since we began reporting


maybe get into sort of the biggest drivers of that and -- that we might expect to see the improvement in over the next

maybe get into sort of the biggest drivers of that and that we might expect to see the improvement in over the next


electronic locks in the commercial arena is really the mother lode of opportunity for the company.

electronic locks in the commercial arena is really the motherload of opportunity for the company


and to be able to sell our portfolio into customers, where they have a presence. So I think it's a really nice marriage of commercial excellence, our own

and to be able to sell our portfolio into customers where they have a presence so i think it's a really nice marriage of commercial excellence our own


Well, so you can see right here that it's in these 3 products that we've shown you a picture of.

well so you can see right here that it's in these 3 products that we've shown you a picture of


In the non-resource field, we invested in Olam in the agricultural products business and made investments in the infrastructure and fund-related businesses,

in the non-resource field we invested in olam in the agricultural products business and made investments in the infrastructure and fund-related businesses


We remain excited about the prospects for our existing installed and operating assets to produce solid results for the balance of the year.

we remain excited about the prospects for our existing installed and operating assets to produce solid results for the balance of the year


The trial is not only blinded but quite large relative to the C3G orphan patient population.

the trial is not only blinded but quite large relative to the c3g orphan patient population


Last quarter, we received volume production orders for 3 GaN programs that I had referred to in previous calls.

last quarter we received volume production orders for 3gan programs that i had referred to in previous calls


In equities trading, we've undertaken proactive measures to enhance the client experience for our wide range of investors with a whole series of changes.

in equities trading we've undertaken proactive measures to enhance the client experience for our wide range of investors with a whole series of changes


Is there a percentage of that 300 system installed base that you guys are not really actively engaged in folks that maybe

is there a percentage of that 300 system installed base that you guys are not really actively engaged in folks that maybe


As you may recall, last year, at this time, we made an important announcement with regard to our transformation strategy.

as you may recall last year at this time we made an important announcement with regard to our transformation strategy


or noncontract market and some of our efforts to get in front of this with certain customers to get things priced in a way


is actually very easy in Beiersdorf because people understand and people want to drag the financial success of the company. And

is actually very easy in biostoff because people understand and people want to drive the financial success of the company


Third, we implemented a new student contact center technology that is significantly more efficient and effective in serving prospective students

third we implemented a new student contact center technology that is significantly more efficient and effective in serving prospective students


in conjunction with those refinancings, we have also tried to free up adequate buckets

in conjunction with those refinancings we have also tried to free up adequate buckets


If you could disclose some details. Are you going to pay the bonus that was under discussion?

if you could disclose some details are you going to pay the bonus that was under discussion


think about how to present this better in the future to give you some visibility down the road. But right now, I think it's not a

think about how to present this better in the future to give you some visibility down the road but right now i think it's not a


that we cannot only have that in that distribution but in other distribution that make sense for us.

that we cannot only have that in that distribution but in other distribution that makes sense for us


Overall, in terms of the credit cycle, the new flow into challenging accounts

overall in terms of the credit cycle the new flow into challenging accounts


free to proceed with the merger of the loyalty programs and the websites and all the rest of it. So those restrictions were behind us.

free to proceed with the merger of the loyalty programs and the websites and all the rest of it so those restrictions were behind us


We are incredibly proud of the organization's tenacity, having delivered 5 quarters in a row of improving results amidst challenging market conditions.

we are incredibly proud of the organization's tenacity having delivered 5 quarters in a row of improving results amidst challenging market conditions


Head of our International Business, with us here today. But over the last year, we've hired more than a dozen senior people

the head of our international business with us here today but over the last year we've hired more than a dozen senior people


The strength of our free cash flow and our business model positions us well to continue to deliver value to our shareholders.

the strength of our free cash flow and our business model positions us well to continue to deliver value to our shareholders


just the pipeline for new clients, and maybe more specifically, if you see some that are sort of sitting on the sidelines, waiting for

just the pipeline for new clients and maybe more specifically if you see some that are sort of sitting on the sidelines waiting for


would be Intuitive. If you think about how they expanded geographically, it was sort of very similar, which certain countries are much more

would be intuitive if you think about how they expanded geographically it was sort of very similar which certain countries are much more


If the contractual objection periods expire without any claim, the underlying provisions

if the contractual objection periods expire without any claim the underlying provisions


and deliver sound financial results, while continue to invest in the business to support the market share growth opportunities we have in front of us.

and deliver sound financial results while continue to invest in the business to support the market share growth opportunities we have in front of us


And we thank our customers, employees and industry partners for their diligence and cooperation as we manage through the situation.

and we thank our customers employees and industry partners for their diligence and cooperation as we manage through the situation


for our competitors, and that makes us feel pretty good. But we're not at all sitting still

for our competitors and that makes us feel pretty good but we're not at all sitting still


and took us 5 years to bring that to market with the amount of voice of customer research that we did in order to hit the bull's eye the way we did.

and took us 5 years to bring that to market with the amount of voice of customer research that we did in order to hit the bull's-eye the way we did


could be better positioned in terms of allowing you for some low-cost financing to kind of work up some of those investments?


they often come back and scare you because if they do not scare you, they cannot find their meaning of existence.

they often come back and scare you because if they do not scare you they cannot find their meaning of existence


within our group, we have reduced the number of bad factors or bad conditions.

within our group we have reduced the number of bad factors or bad conditions


What we see at this moment in time is that PostNL is a very attractive employer in the market for Parcels.

what we see at this moment in time is that postnord is a very attractive employer in the market for parcels


because of the process of negotiation. What we can say is, is that we do know today when those contracts that are underwater

because it's a process of negotiation what we can say is is that we do know today when those contracts that are underwater


But the growth rate of the -- what we used to call the core business, which isn't fair to say anymore, but the supply chain business,

but the growth rate of the what we used to call the core business which isn't fair to say anymore but the supply chain business


next year. And then we have layered in a bit of incremental revenue next year in the plan for this Beyond

next year and then we have layered in a bit of incremental revenue next year in the plan for this beyond


as well as a few sort of smaller ones, ARM in Boston and a few other things. So we'll be very active in the next

as well as a few sort of smaller ones arm and boston and a few other things so we'll be very active in the next


The first and third calendar quarters are disproportionately higher than the second and fourth, which is typical of the trade show industry as a whole.

the first and third calendar quarters are disproportionately higher than the second and fourth which is typical of the trade show industry as a whole


getting that science ready for manufacturer and ultimately then hand of either to a CMO or to our later stage process development

getting that science ready for manufacture and ultimately then hand off either to a cmo or to our later stage process development


And so we're not so pessimistic about the net impact, although the gross impact of negative interest rates is obviously fairly negative for us.

and so we're not so pessimistic about the net impact although the gross impact of negative interest rates is obviously fairly negative for us


At the group level, we continue to invest heavily in improving our administration systems and in strengthening our controls.

at a group level we continue to invest heavily in improving our administration systems and in strengthening our controls


As a result of this share retention, we do not expect SpinCo itself to have any outstanding indebtedness at the time of the separation.

as a result of this share retention we do not expect spinco itself to have any outstanding indebtedness at the time of the separation


This was mainly because performance was firm in the non-resource field, and we recorded no major one-off losses in the resource field

this was mainly because performance was firm in the non-resource field and we recorded no major one-off losses in the resource field


Before I cover our consolidated financial results and capital allocation for the quarter, I'd like to review just a few special items with you.

before i cover our consolidated financial results and cap allocation for the quarter i'd like to review just a few special items with you


in each of the competitors' and peers' forecasts. So it's hard to make a direct comparison of what we see differently

in each of the competitors and peers' forecasts so it's hard to make a direct comparison of what we see differently


The move toward software and recurring revenue streams is one of the topics that we are most often asked about with our business.

the move towards software and recurring revenue streams is one of the topics that we are most often asked about with our business


the consumption going up and the chance of getting more revenues. So it's fixing our kitchen first and then work on our perception.

the consumption going up and the chance of getting more revenues so it's fixing your kitchen first and then work on the perception


lends itself really to an operating partner that is able to holistically partner with those customers and transform


pluses and minuses associated with project delays and we have some minuses associated with project delays. I think we've been able to find plenty of opportunities to

pluses and minuses associated with project delays or we have some minuses associated with project delays so i think we've been able to find plenty of opportunities to


And those properties are really probably, in terms of yield on debt, some of the strongest ones we have in the portfolio.

and those properties are really probably in terms of yield on debt some of the strongest ones we have in the portfolio


Okay, and then with any use of capital you get, how would you decide between an acquisition and buying stock back? What would be the thought process there?

okay and then with any use of capital you get how would you decide between an acquisition and buying stock back what would be the thought process there


you end up getting these reclasses between interest income and credit recoveries or credit impairments that are difficult to predict

you end up getting these reclasses between interest income and credit recoveries or credit impairment that are difficult to predict


We believe this effort to expand consumer touchpoints will drive sales growth in the future.

we believe this effort to expand consumer touch points will drive sales growth in the future


during the last couple of years. We are of course one of the main players in the credit card business. And we will keep

during the last couple of years we are of course one of the main players on the credit card business and we will keep


one of the outcomes that could offset for this tendency that we see. This could be one of them.

one of the outcomes that could offset for this tendency we see this could be one of them


one company is very powerful in the space and is interested in -- and we're putting scenarios together on a few different displays,

the one company is very powerful in the space and is interested in and we're putting scenarios together on a few different displays


very positive about what we see in China and the effort that our teams are putting forward to execute.

very positive about what we see in china and the effort that our teams are putting forward to execute


the strong margin improvement in overall DCS and in MS and the enhanced pipeline of opportunities across our diverse end markets.

the strong margin improvement in overall dcs and in ms and the enhanced pipeline of opportunities across our diverse end markets


Importantly, our pipeline reflects our leading position in existing markets as well as our ability to extend our capabilities into new markets.

importantly our pipeline reflects our leading position in existing markets as well as our ability to extend our capabilities into new markets


We believe that we have strategically balanced our direct sales organization with distributors to optimize the early ENTYCE commercial efforts.

we believe that we have strategically balanced our direct sales organization with distributors to optimize the early entice commercial efforts


as the product begins to move into the clinics from the distributors and then from the clinics to the pet owners, meaning the product is dispensed,

as the product begins to move into the clinics from the distributors and then from the clinics to the pet owners meaning the product is dispensed


The remainder of the increase was largely related to higher net interest margins, which increased as a result of additional assets under management,

the remainder of the increase was largely related to higher net interest margins which increased as a result of additional assets under management


The largest opportunity for revenue growth lies in our existing client base, and we are beginning to see real traction.

the largest opportunity for revenue growth lies in our existing client base and we are beginning to see real traction


And as we continue to reshape our business, we will remain focused on ensuring the assets on the balance sheet

and as we continue to reshape our business we will remain focused on ensuring the assets on the balance sheet


We're simplifying our business and we're putting in place a new global operating model that embraces modern working practices

we're simplifying our business and we're putting in place a new global operating model that embraces modern working practices


your hand on this call, but my question I guess is when I think about net price realization going forward

your hand on this call but my question i guess is when i think about net price realization going forward


Once we completed our inventory of DUCs, we completed a few fantastic wells in both the Bakken and the Three Forks targets.

once we completed our inventory of ducs we completed a few fantastic wells in both the bakken and the three forks targets


We are seeing really good recovery rates in the pulp agglomeration plant for the first stage of recovery. We do produce

we are seeing really good recovery rates in the pulp agglomeration plant for the first stage of recovery we do produce


that not only are they feeling a sense of urgency to do that because all the banks are looking at ways to improve their lockbox services,


Pricing remained robust and we continue to make progress on productivity and our cost improvement initiatives.

pricing remain robust and we continue to make progress on productivity in our cost improvement initiatives


All of this is supported by strong balance sheet that will provide us with the flexibility to deploy capital with the highest return opportunities.

all of this is supported by a strong balance sheet that will provide us with the flexibility to deploy capital at the highest return opportunities


The increase in adjusted income before taxes was due mostly to reductions in labor and overhead costs and pricing actions.

the increase in adjusted income before taxes was due mostly to reductions in labor and overhead costs and pricing actions


and managing them in a way that you can either get out of the misery of underperforming


is to increase the leverage at the opco level, wherever possible, it's not always possible in some of the markets that we operate in.

is to increase the leverage at the opco level wherever possible and it's not always possible in some of the markets that we operate in


The South African operation we show on an organic basis where we exclude disposals, exclude acquisitions and significant one

the south african operation we show on an organic basis where we exclude disposals we exclude acquisitions and significant one


to the rule? Or do you think that your infrastructure layer would actually increasingly have more of a hybrid cloud feel to it?

to the rule or do you think that your infrastructure layer would actually increasingly have more of a hybrid cloud feel to it


This could ultimately be a significant milestone for the industry as it would represent the first time in our industry's history

this could ultimately be a significant milestone for the industry as it would represent the first time in our industry's history


I am very proud of our leadership in promoting responsible drinking, including the work we do on drink driving reduction.

i am very proud of our leadership in promoting responsible drinking including the work we do on drink driving reduction


We continue to believe our retail model and credit platform can consistently support total annual retail sales

we continue to believe our retail model and credit platform can consistently support total annual retail sales


We have staggered charter expiries to ensure that we maintain a limited exposure to renewals in any one particular period.

we have staggered charter expiries to ensure that we maintain a limited exposure to renewals in any one particular period


The good news about it is our clients tend to understand what it takes to -- price talent

the good news about it is our clients tend to understand what it takes to price talent


Finally, you'll see the details for the Bank and Asset Servicing segments beginning on Slide 26 followed by details on each.

finally you'll see the details for the bank and asset servicing segments beginning on slide 26 followed by details on each


we have additional support for reversal of the valuation allowance on our deferred tax asset, sometime over the next year.

we have additional support for reversal of the valuation allowance on our deferred tax asset sometime over the next year


I don't have that number exactly. Okay. And then just sort of more generally, as you think about

yes i don't have that number exactly okay okay and then just sort of more generally as you think about


As we have explained in our business model, these pricing actions typically require 3 to 6 months to take full effect.

as we have explained in our business model these pricing actions typically require 3 to 6 months to take full effect


by these issues that you've seen in terms of the paving markets in Latin America and then the outages,

by these issues that you've seen in terms of the paving markets in latin america and then the outages


The overall slowdown, and I think that we see some opportunities where we

the overall slowdown and i think that we see some opportunities where we


At the same time, diagnostics has become a key ingredient in determining health problems and monitoring treatment.

at the same time diagnostics has become a key ingredient in determining health problems and monitoring treatment


all the acquisition are marching on to what we had anticipate, what our model was showing and even more.

all the acquisitions are marching on to what we had anticipated what our model was showing and even more


cost alleviation there. But if you could just help us look at the sensitivity to earnings as well as sales?

cost alleviation there but if you could just help us look at the -- at the sensitivity to earnings as well as sales


You are kindly referred to the risk factors and cautionary language contained in the documents that the company filed with the Securities and Exchange Commission,

you are kindly referred to the risk factors and cautionary language contained in the documents that the company filed with the securities and exchange commission


The progress we've made has been encouraging, in this early going, we are seeing positive same-store sales and improvements in our margins.

the progress we've made has been encouraging in this early going we are seeing positive same-store sales and improvements in our margins


Paul spoke about this and we spoke a lot about this at the year-end call relative to our Business Improvement Framework

paul spoke about this and we spoke a lot about this at the year-end call and relative to our business improvement framework


Finally, and notably, in December, we filed a customer agreement with the FERC to extend our Columbia Gas Transmission

finally and notably in december we filed a customer agreement with the ferc to extend our columbia gas transmission


I think we would like to see less maintenance breaks and the customers running and us delivering to them

i think we would like to see less maintenance breaks and the customers running and us delivering to them


There are 3 situations that occurred during the first quarter of last year that were a bit different from this quarter.

there were 3 situations that occurred during the first quarter of last year that were a bit different from this quarter


This means prudently increasing investments behind our Power Brands and innovation platforms to accelerate revenue growth and gain share,

this means prudently increasing investments behind our power brands and innovation platforms to accelerate revenue growth and gain share


and the analytics that can be wrapped around that practice optimization, which includes a number of

and the analytics that can be wrapped around that practice optimization which includes a number of


Thank you very much, operator. I'd like to thank everyone for joining us today and listening to our business update. Have a good day.

thank you very much operator and i'd like to thank everyone for joining us today and listening to our business update have a good day


coupled with favorable opportunities we see for our private loan and middle market strategies, allows us to maintain our belief that the continued growth of our business

coupled with favorable opportunities we see for our private loan and middle market strategies allows us to maintain our belief that the continued growth of our business


So if you see the EBITDA has improved as compared to the previous quarter because the steel prices have been quite stable.

so if you see the ebitdas improved as compared to the previous quarter because the steel prices have been quite stable


During the course of this conference call, we will make various forward-looking statements regarding future events or future financial performance of the company.

during the course of this conference call we will make various forward-looking statements regarding future events or future financial performance of the company


have deepened our value proposition, diversified our revenues, and significantly expand our total addressable market.

have deepened our value proposition diversified our revenues and significantly expanded our total addressable market


higher bandwidth, lower latency and more coverage to connect people and things to data processing and decision-making.

higher bandwidth lower latency and more coverage to connect people and things to data processing and decision-making


The effect of the change is a reduction of operating income and an increase in our non-GAAP tax rate.

the effect of the change is a reduction of operating income and an increase in our non-gaap tax rate


In addition, we were excited to announce just a few weeks ago, our REIT conversion, an important milestone in our company's evolution.

in addition we were excited to announce just a few weeks ago our reit conversion an important milestone in our company's evolution


for your quarter. That's correct. So just trying to reconcile the current quarter to back down to that number, and where the variances might be?

for each quarter so just trying to reconcile the current quarter to -- back down to that number and where the variances might be


and we are only beginning to achieve trading efficiencies and harmonized the strengths of both legacy firms.

and we are only beginning to achieve trading efficiencies and harmonize the strengths of both legacy firms


Interest income from originated loans continued to grow as the portfolio grows and from the mix I mentioned earlier,

interest income from originated loans continued to grow as the portfolio grows and from the mix i mentioned earlier


and to discuss the progress we're making to mitigate risk associated with South Africa. This will be the way we discuss the company going forward.

and to discuss the progress we are making to mitigate risk associated with south africa this will be the way we discuss the company going forward


Thank you, operator. I just want to thank Julie and the entire Cable ONE team for all their support.

thank you operator i just want to thank julie and the entire cable one team for all their support


that is located on the Big Island of Hawaii, we are seeing a slight impact from the volcanic activity that began in early May.

that is located on the big island of hawaii we are seeing a slight impact from the volcanic activity that began in early may


Based on results for the first 3 weeks of May and visible pipeline, we expect positive active strategy flows to continue in the third quarter.

based on results for the first 3 weeks of may and visible pipeline we expect positive active strategy flows to continue in the third quarter


I'm proud not only of the progress we've made on our strategic priorities, but also of the new partnership we announced with Atairos shortly after the quarter's end.

i'm proud not only of the progress we've made on our strategic priorities but also of the new partnership we announced with ataros shortly after the quarter's end


how long can you rely on the inventory level?


they can get trucked directly to a rail facility and leave the region. So that's been the impact on our

they can get trucked directly to a rail facility and leave the region so that's been the impact on our


but the improved loan growth late in the second quarter is expected to offset that decrease. And the maturity of high-cost borrowed funds late in the second quarter

but the improved loan growth late in the second quarter is expected to offset that decrease and the maturity of high-cost borrowed funds late in the second quarter


And so to wrap up, we are pleased with our second quarter's results. As we look forward, each of our business lines has a bright future.

and so to wrap up we are pleased with our second quarter's results as we look forward each of our business lines has a bright future


on combination with some of the targeted therapies for AML that might lead to some of that use? Could that potentially come this year? Will it be next year?

on combination with some of the targeted therapies for aml that might lead to some of that use could that potentially come this year will it be next year


and in fact, we are in active negotiations for a number of lines with the expectation of closing them in the next 1 to 2 months.

and in fact we're in active negotiations for a number of lines with the expectation of closing them in the next 1 to 2 months


We appreciate your participation in today's call to discuss our third quarter operating and financial results and our business outlook.

we appreciate your participation in today's call to discuss our third quarter operating and financial results and our business outlook


I expect the end of this crop year to be somewhat traditional on how the market share plays out. As I look down the road,

i expect the end of this crop year to be somewhat traditional on how the market share plays out as i look down the road


In fiscal 2017 this expense was recorded in the second quarter, whereas this year, it was recorded in the first quarter.

in fiscal 2017 this expense was recorded in the second quarter whereas this year it was recorded in the first quarter


the repayment of the new systems and applications put into operation in the previous months. The launchings of new stores

tv repayments of the new systems and applications put into operation in the previous months the launchings of new stores increased


We laid the groundwork with the strategic initiatives that we outlined at the beginning of the year, and we began the early phases of executing on our vision.

we laid the groundwork for the strategic initiatives that we outlined at the beginning of the year and we began the early phases of executing on our vision


Next, the MogoCard continues to be a key part of our product strategy, as controlling someone's spending is no doubt an important part of their financial wallet.

next the mogo card continues to be a key part of our product strategy as controlling someone's spending is no doubt an important part of their financial wallet


As we further develop our state business, we believe that many of these models of care can be applied to our commercial business as well.

as we further develop our state business we believe that many of these models of care can be applied to our commercial business as well


in the future as the market recovers and people really want to use better tools that are more cost-effective.

in the future as the market recovers and people really want to use better tools that are more cost effective


Mobile devices are the primary demand driver behind the shift to Fan Out Wafer Level Packaging.

mobile devices are the primary demand driver behind the shift to fan-out wafer level packaging


given us all, I believe, a taste of the rapid changes that are happening in the society, and that, in my opinion, are only going to speed up.

given us all i believe a taste of the rapid changes that are happening in society and that in my opinion are only going to speed up


In relation to the Retail Town Centres, it's really 3 streams of work. The first stream of work is where we develop

in relation to the retail town centers it's really 3 streams of work the first stream of work is where we develop


Our progress in this respect is consistent with our intention 4 years ago to grow this segment, and I'm very pleased with the progress.

our progress in this respect is consistent with our intention 4 years ago to grow this segment and i'm very pleased with the progress


And I know it's a sensitive topic, but is there anyway you can give us some kind of view on what you're pushing for this year in terms of that?

and i know it's a sensitive topic but yes is there any way you can give us some kind of view on what you're pushing for this year in terms of that


from the point of view of the rates you contract out with clients versus what you can find in the market and how much -- how easy is it not to do back to backs

from the point of view of the rates you contract at with clients versus what you can find in the market and how much -- how easy or is it not to do back-to-backs


And those are the businesses that we've got to get on stat. It's not going to be overnight. We've got some work to do. But there is not a doubt in our mind

and those are the businesses that we've got to get on stat it's not going to be overnight we've got some work to do but there is not a doubt in our mind


We typically see the biggest impact in our business from productivity, from project runoff, from volume impacts

we typically see the biggest impact in our business from productivity from project runoff from volume impacts


So what we have actually done is for the first time ever in the history of the company and frankly for the first time in India, we've actually created,

so what we have actually done is for the first time ever in the history of the company and frankly for the first time in india we've actually created


because they wanted to capitalize that amount and treat it as CapEx. So we allowed them to do that. I don't

because they want to capitalize that amount and treat it as capex so we allow them to do that i don't


it was below our expectations. It came in lower. I think some of that due to the late start to the plant.

it was below our expectations it came in lower now i think some of that due to the late start to the plant


extend our leading capabilities on the online travel side of the market that largely consumes our web services offering to enable their business.

extend our leading capabilities on the online travel side of the market that largely consumes our web services offering enable their business


Well, I think there's a couple of things as we look at our mill systems around structural cost, and we gave you an example of one we did

well i think there's a couple of things as we look at our mill systems around structural costs and when we gave you an example of one we did


I'm very excited and confident about the potential for our entire company, and our ambitions have not changed.

i'm very excited and confident about the potential for our entire company and our ambitions have not changed


When it comes to more add-on, the question you have to raise is always when do you actually invest.

when it comes to more add-on the question you have to raise is always when do you actually invest


But it shows that a lot of things are ongoing in the company at the moment, and let me pick some examples.

but it shows that a lot of things are ongoing in the company at the moment and let me pick some examples


there is more work going on in the refineries and many of our customers, we believe, will be doing a lot more tank cleaning and other

there is more work going on in the refineries and many of our customers we believe will be doing a lot more tank cleaning and other


Besides the favorable markets, revenue also benefited from favorable foreign exchange rates and metals pass-through.

besides the favorable markets revenue also benefited from favorable foreign exchange rates and metals passed through


So history continues to be a guide. We expect our lowest effective tax rate in the first half, with 1Q typically somewhat

so if history continues to be a guide we expect our lowest effective tax rate in the first half with 1q typically somewhat


Tammy will explain further, but I did want to offer some commentary on our capacity forecast. It's being updated today

tami will explain further but i did want to offer some commentary on our capacity forecast it's being updated today


A lot of these projects are related to new technologies and those are my favorite. We have very high expectations for the returns that we can get on those.

a lot of these projects are related to new technologies and those are my favorite we have very high expectations for the returns that we can get on those


Our new sales contract with the New Zealand Ministry of Education continues to ramp up, and we're beginning to see solid contribution from that project.

our new sales contract with the new zealand ministry of education continues to ramp up and we're beginning to see solid contribution from that project


currently think about something different except for working with the levers I mentioned so that this can take place naturally.

currently think about something different except for working with the levers i mentioned so that this can take place naturally


You may now disconnect.


First, we've reached a significant milestone of 32 million work hours without a lost time incident at the Cameron LNG project.

first we reached a significant milestone of 32 million work hours without a lost time incident at the cameron lng project


Based on that initial level of due diligence, we would expect to receive initial bids,

based on that initial level of due diligence we would expect to receive initial bids


In terms of the -- in terms of the cash distribution, I think when you're looking at -- or I'm sorry, the trust funds you mentioned,

in terms of the -- in terms of the cash distribution i think when you're looking at -- or i'm sorry the trust funds you mentioned


help the passengers to use it for those who are using for the first time, and that's bearing fruit. So we got the high percentage of passengers using it,

help the passengers to use it for those who are using it for the first time and that's bearing fruit so we've got a high percentage of passengers using it


To better respond to your questions, with myself today are executives from SK Innovation and its major subsidiaries.

to better respond to your questions with myself today are executives from sk innovation and its major subsidiaries


Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied.

such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied


And as we said, the raw materials continue to be a challenge but think that we can overcome that with what we're looking at right now.

and as we said the raw materials continue to be a challenge but i think that we can overcome that with what we're looking at right now


With increasing demand for end-to-end cloud-based solutions, we are seeing more customers looking to implement our offerings on a subscription basis.

with increasing demand for end-to-end cloud-based solutions we are seeing more customers looking to implement our offerings on a subscription basis


Thanks, Joe. Before we conclude, I'd like to make a few comments on our outlook for the start of the fiscal year. But

thanks joe before we conclude i'd like to make a few comments on our outlook for the start of the fiscal year but


and commercialization through a commercial affiliate that would have a small focus sales force.

and commercialization through a commercial affiliate that would have a small focused sales force


in our current business plan, we are performing very well and consistent with what Ofgem, I believe, would expect from us.

in our current business plan we are performing very well and consistent with what ofgem i believe would expect from us


Great. So I was hoping that you might be able to provide a little bit more color on,

great so i was hoping that you might be able to provide a little bit more color on


time -- in the end of last year we saw an increase in pulp prices and we have now negotiated

time in the end of last year we saw an increase in pulp prices and we have now negotiated


Now let me take a few moments to discuss some of our strategic initiatives in the current market environment.

now let me take a few moments to discuss some of our strategic initiatives in the current market environment


that I can quantify it for you so that it's about 30 million impact

that i can quantify it for you so that it's about 30 million impact


our forecast does have us pulling back a little bit in the fourth quarter, not necessarily because of

our forecast does have us pulling back a little bit in the fourth quarter not necessarily because of


situation with a big impact in '17 behind us. We have a couple of other things that I can't disclose going on in the portfolio that are positive,

situation with the big impact in '17 behind us we have a couple of other things that i can't disclose going on in the portfolio that are positive


And on top of that franchise, we're building an innovation company for the future. It's important to understand both those things when you think about our company.

and on top of that franchise we're building an innovation company for the future it's important to understand both those things when you think about our company


Our new monthly credit score monitoring product was a great example of this. Not only can someone open an account through web or iOS app in only 3 minutes,

our new monthly credit score monitoring product was a great example of this not only can someone open an account through web or ios app in only 3 minutes


We have said all along that deployment services is something that we want to make sure we can do for our customers, but we're also very happy

we have said all along that deployment services are something that we want to make sure we can do for our customers but we're also very happy


We believe the comparability of our results is improved by excluding these infrequent items that are unrelated to our core operations.

we believe the comparability of our results is improved by excluding these infrequent items that are unrelated to our core operations


we have services, to monetize those services and this depicts that scenario regarding media business,

we have services to monetize those services and this depicts that scenario regarding media business


And briefly to explain it again, the gray triangle is where our long-term incentive plan kicks in and tops out.

and briefly to explain it again the gray triangle is where our long-term incentive plan kicks in and tops out


just paid online, and instantly within seconds, that service can be provisioned without any

just paid online and instantly within seconds that service can be provisioned without any


diversifying into different industries, tesa was able to set the foundations for further sustainable growth in the future.

diversifying into different industries tez was able to set the foundations for further sustainable growth in the future


the way to look at it going forward is that as we launch our new campaign in April, there will be a video component, some of which will be on television,

the way to look at it going forward is that as we launch our new campaign in april there will be a video component some of which will be on television


Fortunately, this is also a track that we started several years ago. Our new consumer system that will include digital consumer support, called Renaissance,

fortunately this is also a track that we started several years ago our new consumer system that will include digital consumer support called renaissance


Next, please turn to the top of the next page, Slide 7. This is the breakdown by segment.

next please turn to the top of the next page slide 7 this is the breakdown by segment


and these activities are specifically targeted towards improving the mobile experience.


in terms of the margins. And I do hope and believe that the RBI in due course will reduce

in terms of the margins and i do hope and believe that the rbi in due course will reduce


In our minds, there's no conversations there to be had in the east. The conversations that we'll be focused on will be in the west as those producers and those customers

in our minds there's no conversations there to be had in the east the conversations that we'll be focused on will be in the west as those producers and those customers


give us any trouble in terms of stimulation or production. So that may be something specific to

that give us any trouble in terms of stimulation or production so that may be something specific to


There are no further questions at this time. I will now turn the conference over to Mr. Kevin Lobo for closing remarks.

thank you there are no further questions at this time i will now turn the conference over to mr kevin lebeau for closing remarks


The REIT structure certainly would be a little bit easier for investors from a tax standpoint.

the reit structure certainly would be a little bit easier for investors from a tax standpoint


Going forward, of course, we'll continue to build on our leadership position as the premier ground lease acquisition company in the industry.

going forward of course we'll continue to build on our leadership position as the premier ground lease acquisition company in the industry


The nature of K-1s also results in the possibility that certain unitholders may have to file state tax returns in multiple states

the nature of k-1s also results in the possibility that certain unitholders may have to file state tax returns in multiple states


as well as both the realized and unrealized gains that rolled through that portfolio in the first year. So while it's not completely

as well as both the realized and unrealized gains that rolled through that portfolio in the first year so while it's not completely


In closing, we were very pleased with our first quarter results, even more satisfied with the successful execution of our strategy

in closing we were very pleased with our first quarter results even more satisfied with successful execution of our strategy


in line with our previous announcement. And this amount more than covers the dividend paid early this year and the holding expenses

in line with our previous announcement and this amount more than covers the dividends paid early this year and the holding expenses


some softness during Q2. I think some of our other folks in the industry have also been pointing to a little bit of softness as well.

some softness during q2 i think some of our other folks in the industry have also been pointing to a little bit of softness as well


and ability to remain persistent towards executing our shared expectations and making improvements.


we've always had those plans Southern Crossing would be the first step to see if we can extend that to tie into the lower part of the Enbridge system.

we've always had those plans southern crossing would be the first step to see if we can expand that to tie into the lower part of the enbridge system


not covered by Medicare. This coverage is available in most states through the Exchange's life subsidiary, Erie Family Life.

not covered by medicare this coverage is available in most states through the exchanges life subsidiary erie family life


Today's presentation is available on the webcast, and an audio recording will be provided after the call for the next 7 days.

today's presentation is available on the webcast and an audio recording will be provided after the call for the next 7 days


because of the fact, I think, people are at the same level in our -- in the same -- at the same level and in the same way motivated to do

because of the fact i think people are at the same level and -- are in the same -- at the same level and in the same way motivated


is at the very same high level that we've always wanted. What's that mean? It means we're now able to go faster than we have before

is it the very same high level that we've always wanted what's that mean it means we're now able to go faster than we have before


So with that, let me turn the call back over to Eric to provide some additional detail on the quarter. Eric?

so with that let me turn the call back over to eric to provide some additional detail on the quarter eric


We also believe our new operating model will help enable a new Endo culture focused on execution and accountability.

we also believe our new operating model will help enable a new endo culture focused on execution and accountability


although somewhat lower than Q1. We are now leveraging that healthier demand environment with a lower cost structure

although somewhat lower than q1 we are now leveraging that healthier demand environment with a lower cost structure


I would like to say that I'm extremely happy with the progress that we've made and the hard work that our teams have done. I'm really impressed with what we've gotten done.

i would like to say that i'm extremely happy with the progress that we've made and the hard work that our teams have done i'm really impressed with what we've gotten done


Yes. But I mean, is it still kind of worth from a risk return profile to

yes but i mean is it still kind of worth from a risk return profile to


From an end-market perspective, industrial machinery performed well in the second quarter but was offset by declines in packaging and automotive.

from an end market perspective industrial machinery performed well in the second quarter but was offset by declines in packaging and automotive


are you thinking about maybe -- do you think you would see a change in -- with a level like that or do you think you might have to


overcoming the deceleration of Moore's Law scaling. This is driving new types of innovation across the ecosystem.

overcoming the deceleration of moore's law scaling this is driving new types of innovation across the ecosystem


I would think -- we think about it both opportunistically as well as strategically. From an opportunistic perspective,

i would think -- we think about it both opportunistically as well as strategically from an opportunistic perspective


we're convinced that asset managers who are focused on a limited number of historically inefficient markets with strong brands


with the objective of when we launch to everybody, we know it works well, right? We don't want to -- I think the worst thing we can do with the new tool

with the objective of when we launch it to everybody we know it works well right we don't want to -- i think the worst thing we can do with a new tool


or to sell them together, offering more flavor variety at a comparable price to our normal 30 serving size individual flavors.

or to sell them together offering more flavor variety at a comparable price to our normal 30-serving size individual flavors


have intimated in the past. We've actually actively been managing driver pay. And so we asked the same question during the quarter.

have intimated in the past we've actually actively been managing driver pay and so we asked the same question during the quarter


They are free to quote any member of management, but they are asked not to quote remarks from any other participant without that participant's permission.

they are free to quote any member of management but they are asked not to quote remarks from any other participant without that participant's permission


Contributing to the stronger results from the quarter, was mine support services activity at the Fording River coal mine in Southeast British Columbia,

contributing to the stronger results in the quarter was mine support services activity at the fording river coal mine in southeast british columbia


Recently, we completed the first round of bidding for the sale of American Roads and had a strong response with a number of submissions.

recently we completed the first round of bidding for the sale of american roads and had a strong response with a number of submissions


Thank you. And I'm not showing any further questions on the phone lines. I would now like to turn the call back over to Mr. Craig Morrison for any further remarks.

thank you and i'm not showing any further questions on the phone lines i would now like to turn the call back over to mr craig morris for any further remarks


So what does this look like in practice or on the ground? A series of merchandise precincts as you can see here,

so what does this look like in practice or on the ground a series of merchandise precincts as you can see here


we're moving away from that strategy. So hope that answers your question. Then there were questions about the campaigns and

we're moving away from that strategy so hope that answers your question then there were questions about the campaigns and


in particular, and also some investments we engaged in as far as creating some next-generation products, we feel will do pretty well for us

in particular and also some investments we engaged in as far as creating some next-generation products we feel would do pretty well for us


for activity in Middle East and everywhere where you have companies and countries

for our activity in middle east and everywhere where you have companies and countries


in diversifying the business even beyond some of the areas that we currently play, again, with an eye towards driving the mission of the organization,

in diversifying the business even beyond some of the areas that we currently play again with an eye towards driving the mission of the organization


Before the call begins, on Page 2, I'd like to remind everyone that certain statements made in the course of this call constitute forward-looking statements

before the call begins on page 2 i'd like to remind everyone that certain statements made in the course of this call constitute forward-looking statements


and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here.


We don't believe that there's any change that will happen in the third quarter from the second quarter because we want to be aggressive,

we don't believe that there's any change that will happen in the third quarter from the second quarter because we want to be aggressive


that investment professionals don't want to come and work for Aberdeen Standard Investments. Quite the reverse,

that investment professionals don't want to come and work for aberdeen standard investments quite the reverse


The new franchises will offer commercial and residential pest control as well as termite services where appropriate.

the new franchises will offer commercial and residential pest control as well as termite services where appropriate


what we saw in the most recent quarter and what the outlook is a little bit farther out, and then I'll maybe jump into pricing to allow you to put the whole thing together.

what we saw in the most recent quarter and what the outlook is a little bit farther out and then i'll maybe jump into pricing to allow you to put the whole thing together


where we might improve and enhance our overall processes, techniques and approach to selling and recruiting.

where we might improve and enhance our overall processes techniques and approach to selling and recruiting


We urge you to review DuPont's SEC filings for a discussion of some of the factors that could cause actual results to differ materially.

we urge you to review dupont's sec filings for a discussion of some of the factors that could cause actual results to differ materially


Is there a point when it changes to try to attract new customer? Or is the current style the best way to generate profitable

is there a point when it changes to try to attract new customer or is the current style the best way to generate profitable growth


Underneath that there are 5 very key elements. And the first one that I want to focus on is that we have a strong position in the right markets.

underneath that there are 5 very key elements and the first one that i want to focus on is that we have a strong position in the right markets


Yes, so we -- pricing is a subject we will continue to debate as we get more information from our pharmacoeconomic research

yes so we -- pricing is a subject we will continue to debate as we get more information from our pharmacoeconomic research


you could see a higher correlation of profitability return on invested capital for those facilities that tended to have local management,

you could see a higher correlation of profitability and return on invested capital for those facilities that tended to have local management


Before I begin to discuss business developments during the third quarter, I'd like to say and take a few moments

before i begin to discuss business developments during the third quarter i'd like to say and take a few moments


and very strong belief in the growth plans and the strategy that we've built for the market going forward.

and very strong belief in the growth plans and the strategy that we built for the market going forward


You'll also see in the 2 horizontal red boxes the extension periods that we secured

you'll also see in the 2 horizontal red boxes the extension periods that we secured


expert real estate evaluations of our future disposition of these properties along with accounting for our experiencing and exiting our first 35 retail outlets.

expert real estate evaluations of our future disposition of these properties along with accounting for our experiencing in exiting our first 35 retail outlets


generally based on the notion that the industry would be up about 5% and that you would get a little bit of pricing. So

generally based on the notion that the industry would be up about 5% that you would get a little bit of pricing so


at which time we will target a 4% to 6% dividend growth rate more in line with our earnings growth expectations.


and we've been able to continue to penetrate the contract market for Service

and we've been able to continue to penetrate the contract market for service


While tax reform is seen as a positive, we don't expect it to significantly affect CRE development or acquisition activity.

while tax reform is seen as a positive we don't expect it to significantly affect cre development or acquisition activity


it basically is generic and applies to all of the airframes. There are exceptions to that in terms of our plate,

it basically is generic and applies to all of the airframes there are exceptions to that in terms of our plate


For more information about factors that may cause actual results to be materially different from forward-looking statements,

for more information about factors that may cause actual results to be materially different from forward-looking statements


considerable free cash flow, haven't done a lot on the acquisition front this year. How should we think about the

considerable free cash flow i haven't done a lot on the acquisition front this year how should we think about the


and we expect several more facilities to achieve this designation in 2017. In addition,

and we expect several more facilities to achieve this designation in 2017 in addition


the impact of tariffs in China and specifically, the general effects of tariff on demand in China. Relative to global demand overall,

the impact of tariffs in china and specifically the general effects of tariff on demand in china relative to global demand overall


touchy situations where customers are on the fence and hesitating to give us an order because somebody's been whispering in their ears


while focusing greater efforts on development of our new diagnostic assays and the platforms that are associated with them.


Furthermore, to ensure that we're prepared to quickly start the trial following IND clearance,

furthermore to ensure that we are prepared to quickly start the trial following iid clearance


Over the past few years, our board has been engaged in a thorough multiyear succession planning process.

over the past few years our board has been engaged in a thorough multiyear succession planning process


of our products and it's fully anticipated these design changes will also lower the cost to manufacture these products and improve quality as well.


we believe we're one of the few industry players with the potential to deliver strong top and bottom line growth over the long term.


We were notified at the end of July that one of our major customers has decided to transition a significant portion of premium business to another supplier

we were notified at the end of july that one of our major customers has decided to transition a significant portion of premium business to another supplier


reiterating the way we run this company from day 1. We're thinking about everything from a very long term. We're adding systems that will support

reiterating the way we've run this company from day 1 we're thinking about everything from a very long term we're adding systems that will support


Let me provide some further details on sales from this quarter. I will speak to our December sales results later in my remarks.

let me provide some further details on sales from this quarter i will speak to our december sales results later in my remarks


was the strongest I've seen and reinforce the points that we made in the discussion that

was the strongest i've seen and reinforced the points that we made in the discussion that


There were some challenges this year from a rail perspective. And so it's not as though everything went perfectly smoothly this year.

there were some challenges this year from a rail perspective and so it's not as though everything went perfectly smoothly this year


and implementing additional projects to enhance the automation and efficiency of other businesses through IT investments.

and implementing additional projects to enhance the automation and efficiency of other businesses through it investments


We exceeded expectations in Q1, with significant improvements across all operational metrics. Just under 30,000 ounces of production

we exceeded expectations in q1 with significant improvements across all operational metrics just under 30 000 ounces of production


and a continued reassessment of the overlay provisions in the book, with some releases having been processed in this half

and a continued reassessment of the overlay provisions in the book with some releases having been processed in this half


We've positioned several development assets for retail and wholesale monetization and look forward to strategic closings in the quarters ahead.

we've positioned several development assets for retail and wholesale monetization and look forward to strategic closings in the quarters ahead


a very meaningful part of that for many of those players given that they cater to small businesses. And small businesses really rely upon

a very meaningful part of that for many of those players given that they cater to small businesses and small businesses really rely upon


And finally, as a market leader with both premiumness and scale, both the doors and openers parts of our business are profitable.

and finally as a market leader with both premierness and scale both the doors and open as part of our business are profitable


I am very fortunate to have a strong leadership team, both within the brands and within the shared service functions.

i am very fortunate to have a strong leadership team both within the brands and within the shared service functions


which personifies our focus on technology and innovation. And finally, we are excited about the addition of Alpha

which personifies our focus on technology and innovation and finally we are excited about the addition of alpha


For example, during the quarter, we opened a new distribution center in Compton, California, in time for the busy holiday season.

for example during the quarter we opened a new distribution center in compton california in time for the busy holiday season


This is how we look at our business and it allows us to provide clearer insights into the portion of our business we are focused on for long-term strategic development

this is how we look at our business and allows us to provide clearer insights into the portion of our business we are focused on for long-term strategic development


the number of patients that now come into that practice of the physician who wants to put on Eversense accelerates even more

the number of patients that now come into that practice and the physician who wants to put on eversense accelerates even more


I know you guys have been selling those for a while. It sounds like they're selling well and that it's helping retain some of those larger customers that were looking around.

i know you guys have been selling those for a while it sounds like they're selling well and that it's helping retain some of those larger customers that we're looking around


Billings and gross profit declined on an absolute dollars basis. Our decision to close countries and FX were significant contributors.

billings and gross profit declined on an absolute dollar basis our decision to close countries and fx were significant contributors


Thus, depending on our strengths and functions, we may also have to pass on some of our businesses to new shareholders.

thus depending on our strengths and functions we may also have to pass on some of our businesses to new shareholders


And so we think that could be the largest change that could happen from now. And so we

and so we think that could be the largest change that could happen from now and so we


Today, I'll discuss our continued progress in our strategic improvement plan as well as our first quarter operational and financial highlights.

today i'll discuss our continued progress on our strategic improvement plan as well as our first quarter operational and financial highlights


part of it is just where we are in the cycle, and I think that we think the opportunity in the next 3 years in that market certainly looks better than the last 3 years.

part of it is just where we are in the cycle and i think that we think the opportunity in the next 3 years in that market certainly looks better than the last 3 years


in order to cool different parts of the consumer lending market is willing to use, this mechanism to increase risk weights.

in order to cool different parts of the consumer lending market is willing to use this mechanism to increase risk rates


being able to access our customer more efficiently. And in terms of the spend on those activities,

being able to access our customer more efficiently and in terms of the spend on those activities


In 18 years, we've had dozens of earnings calls, hundreds of investor conferences and thousands of meetings with you.

in 18 years we've had dozens of earnings calls hundreds of investor conferences and thousands of meetings with you


have a different selling point and to potentially bring other products in development or other commercial products along


It's really a split bag. It's probably focused more on the top end of the product category.

it's really a split bag it's probably focused more on the top end of the product category


The Trex brand's strength is driven by our ability to capture greater share of the growing composite decking and railing market.

the trex brand's strength is driven by our ability to capture a greater share of the growing composite decking and railing market


to Vancouver now and I think that laps itself, takes care of itself and the strength of the domestic product we have, we'll finish the quarter ahead in intermodal in total.

to vancouver now and i think that lapse itself takes care of itself and the strength of the domestic product we have will finish the quarter ahead in intermodal total


Just in regards to the 20 new programs for this next year, what is the mix between graduate versus STEM programs?

just in regard to the 20 new programs for this next year what is the mix between graduate versus stem programs


These positions are being filled, and Encompass management is confident these markets will be back on plan by the end of the year.

these positions are being filled and encompass management is confident these markets will be back on plan by the end of the year


they're not in that situation. They have some of their business is nonconsolidated, but some is. And so when you look at

they're not in that situation they have some of their business that's nonconsolidated but some is and so when you look at


In the North Sea, activity in Norway was flat with only minor seasonal impact. Our performance was strong with integrated projects.

in the north sea activity in norway was flat with only minor seasonal impact our performance was strong in integrated projects


Before we move through our standard disclosures, let me highlight the key messages to take from this slide, as shown on the right.

before we move through our standard disclosures let me highlight the key messages to take from this slide as shown on the right


And finally, we are well positioned in our markets and will continue to redeploy capital in ways that are most accretive to our shareholders.

and finally we are well positioned in our markets and will continue to redeploy capital in ways that are most accretive to our shareholders


as well as propositions than we've ever done before, and we've taken advantage of this again this year.

as well as propositions than we've ever done before and we've taken advantage of this again this year


the changing consumer preferences, the changes in customer channels, the new media to communicate through with our brands.

the changing consumer preferences the changes in customer channels the new media to communicate through with our brands


that the big thing for us has really been around data analytics and our integrated operations, which really started

that the big thing for us has really been around data analytics and our integrated operations which really started


that allowed you to keep down at those levels? And whether there's any lagging effect or whether this fully reflects the volume that goes through there?

that allowed you to keep that down at those levels and whether there's any lagging effect or whether this fully reflects the volume that goes through there


And on top of that, the pricing that we have taken is now in the marketplace and being realized, particularly in the second half.

and on top of that the pricing that we have taken is now in the marketplace and being realized particularly in the second half


Connecting more gas resources will definitely help with putting downward pressure on prices, and that is what APA does and continues to do well.

connecting more gas resources will definitely help with putting downward pressure on prices and that is what apa does and continues to do well


and launched several new hiring and training initiatives designed to ensure WNS resources are prepared

and launched several new hiring and training initiatives designed to ensure wns resources are prepared


we talk a lot about how much space we've leased. We've leased a lot. Now the next piece of the puzzle is to get those tenants open as soon as possible. And so there is

we talk a lot about how much space we've leased we've leased a lot now the next piece of the puzzle is to get those tenants open as soon as possible and so there's


And simply put, they want to reduce complexity, simplify and automate, and then empower their employees to focus on higher value-added activities,

and simply put they want to reduce complexity simplify and automate and then empower their employees to focus on higher value-added activities


On our existing business performance, we are pleased with the expansion in our existing Small Commercial Business and specialty risk and extended warranty segments.

on our existing business performance we are pleased with the expansion in our existing small commercial business and specialty risk and extended warranty segments


Weather in Russia and Central Asia mainly affected wireline, although this was partially offset by record highway stimulation operations

whether in russia and central asia mainly affected wireline although this was partially offset by record highway stimulation operations


at this moment isn't as key to us as a commercial and industrial. We think a little bit later in this plan, that will start to take

at this moment isn't as key to us as the commercial and industrial we think a little bit later in this plan that will start to take


for meeting various targets within the overall REV initiative. We made a filing in December

for meeting various targets within the overall rev initiative we made a filing in december


The Americas and Asia saw strong momentum, and Western Europe was resilient in a context of high competitive pressure.

the americas and asia saw strong momentum and western europe was resilient in a context of high competitive pressure


Okay. And just on the E2s, is there a geographic region that's showing greater interest than we might expect?

okay just on the e2s is there a geographic region that's showing greater interest than we might expect